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Wednesday, July 26, 2017

The 200 pounds bill

This is a 200-Egyptian pounds bill that my aunt got from the ATM today and we found the following words on it in Arabic as follows :

100 pounds for the refrigerator's monthly installment

50 pounds for the TV installment

50 pounds for the blanket's installment 😞

LE 200 Mahfouz

This Says a lot about Egypt' economic situation. Those LE 200 were going to be divided for the monthly installment of a refrigerator, a TV and a blanket !! Yes, someone could not pay in full cash for his blanket and had to pay it in installments.

That bill was issued in time of Central Bank of Egypt "CBE" governor Farouk El-Okdah who served from December 2003 to February 20013. The LE 200 bill was issued for the first time in 2007.

4 comments
:

The 200 LE bill is just enough to cover for allocated debt installment. Noting will remain in the citizen’s hand for discretionary spending.

This situation is the same for the Egyptian economy. For generations to come, the national revenues are just enough to pay for 24 French Rafale aircraft ($5.9 billion) and four U-209 German submarines, all bought to fight ISIS ‘probable terror’, and to pay loan’s interest. There will be nothing left for investment in education, heath care, industrialization and development.

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